Keeping the House for Children Who Did Not Ask for It
When friends ask about the house, Helen says, “We are keeping it for Leah and Mike.”
Picture a couple named Lowell, 72, and Helen, 70. Their house is paid off and worth about US$500,000. They plan to be abroad for most of each year. When friends ask about the house, Helen says, “We are keeping it for Leah and Mike.”
Nobody had asked Leah and Mike. Helen mentioned it on a Sunday phone call, and Leah was quiet for a moment.
“Mom, I am glad you thought of us. Can I tell you what I would miss?”
“Of course.”
“The quilt on the guest bed. Grandma made it. And the house, I live in Denver. I would have to sell it someday, and I would hate to do that without you.”
Mike said much the same on his call. He wanted the garden bench Lowell built. “Keep the house if you want it for you,” he said.
Helen put the phone down. “I thought I was giving them something.”
“You were giving them a place,” Lowell said. “They have told us the place is a quilt and a bench.”
Lowell went to the desk and added up what the house takes. Tax, insurance and upkeep came to 2.5% of its value each year.
| Keeping the house, middle case | Total |
|---|---|
| One year (2.5% of US$500,000) | US$12,500 |
| Over 20 years | US$250,000 (50% of the house) |
| Over 30 years | US$375,000 (75% of the house) |
These figures hold prices flat, so real totals could be higher. A new roof or kitchen is not included, and neither are utilities.
Helen looked at the middle row. “Two hundred fifty thousand dollars for a quilt and a bench.”
She laughed first, and then she wiped her eyes.
They wrapped the quilt and tied a note to the bench. Then they sat down to decide about the house for themselves.
You could…
- Ask each child two questions: “Do you want the house?” and “What would you miss?”
- Write down the small things they name, and hand them over while you can watch.
- Add up your own yearly tax, insurance and upkeep, and tell the children the number if you wish.
What did your children name when you asked? Add your answer in the comments. A parent keeping a house for a child who may only want a quilt could be glad to hear it.
Figures are estimates for planning, based on public data.
Tell us in the comments